NovDiamond Bay Garden — a waterfront condo on Koh Pich, Phnom Penh
This page uses developer renders — the project is under construction and the images are illustrative.
Diamond Bay Garden is a premium waterfront condominium on Koh Pich (Diamond Island), at the confluence of three rivers — the Mekong, the Tonle Sap and the Bassac. It is built by OCIC, the master developer of Koh Pich, and the upper ten floors operate as branded residences managed by Somerset by Ascott. The first tower (Tower A) of 591 units is now selling, with completion in 2026. It suits buyers who value direct ownership of a dollar-denominated asset, river views in a growing business district, and the option of a guaranteed rental return on the upper floors.
Key parameters
| Parameter | Value |
|---|---|
| Type | Waterfront condominium, mixed-use |
| District | Koh Pich (Diamond Island), Tonle Bassac, Khan Chamkarmon |
| Floors / towers | 3 towers of 39 floors (phased construction) |
| Now selling | Tower A — 591 units |
| Areas | studios 45–46 m², 1-bedroom 57 m², 2-bedroom 80–91 m², 3-bedroom 129 m² (net) |
| Entry price | from ~$106,000 (studio, indicative) |
| Management | top 10 floors (27–37) — Somerset by Ascott; 3–26 — DBG |
| Ownership | freehold (strata-title) for a foreigner, transactions in USD |
| Developer | OCIC (Overseas Cambodian Investment Corporation) |
| Tower A completion | 2026 (construction ~80% complete) |
About the property
Diamond Bay Garden is being built by OCIC (Overseas Cambodian Investment Corporation) — one of Cambodia's largest developers and the master developer of the Koh Pich district, which shaped the island's development itself. The project is planned as three 39-floor towers delivered in phases; the first tower, Tower A of 591 units, is now selling. Its key feature is that the upper ten floors (27–37) are managed by the international hospitality brand Somerset by Ascott (part of The Ascott Limited): these floors operate as serviced branded residences. The project won PropertyGuru Cambodia Property Awards 2023 in the best condominium and best waterfront development categories.
Location — Koh Pich
Koh Pich (Diamond Island) is a master-planned business and residential district in central Phnom Penh, surrounded by three rivers. Diamond Bay Garden sits at the water's edge, next to the Connexion community (cafés, offices, schools, sports clubs and event spaces).
- Shopping & leisure: Central Park and Koh Pich Theatre ~0.5 km, AEON Mall ~1.3 km, NagaWorld ~1.5 km.
- Education: De Montfort University ~850 m, Canadian International School ~1.3 km, French International School ~1.6 km.
- Healthcare: Ucare pharmacy ~0.5 km, Orchid Hospital ~1.5 km.
- Transport: ~5 min to the Independence Monument, ~8 min to the Royal Palace, ~35 min to the new Techo International Airport.
Distances are per developer data and are indicative.
Pool with a river view — developer render.
The complex's amenities — developer renders.
Building structure and amenities
Tower A's 39 floors are split into functional zones:
- B1–B2: secure parking (2 floors, 1,378 spaces in total).
- GF–MF: double-height lobby, retail and services.
- Floor 2: fitness centre, yoga studio, sauna and steam room, kids' playground, pools.
- Floors 3–26: residential floors managed by DBG.
- Floors 27–37: Somerset Diamond Bay Garden — branded residences managed by Ascott.
- Floors 38–39: Sky Garden and Sky Lounge.
Layouts and areas
Tower A offers four main unit formats. The areas below are net, per developer data.
| Type | Bedrooms | Area (net) |
|---|---|---|
| Studio | — | 45–46 m² |
| 1-bedroom | 1 | 57 m² |
| 2-bedroom | 2 | 80–91 m² |
| 3-bedroom | 3 | 129 m² |
Areas and unit breakdown are per developer data; the final specification of a particular unit is fixed in the contract.
Prices and payment terms
Indicative prices (per the developer brochure and broker listings). This is not a developer offer — confirm the current price and availability of a specific unit on request.
| Parameter | Value |
|---|---|
| Entry price (studio) | from ~$106,000 |
| Price per m² | ~$1,760–2,100 (indicative) |
| Booking fee | $2,000 (per broker data) |
| Payment structure | 5% on signing the SPA, balance per the developer schedule |
| Discounts / financing | discounts for various payment options; bank loan via Canadia Bank |
By broker data, the developer offers various payment options with discounts and the possibility of bank financing via Canadia Bank. Exact amounts for specific units are in the developer price table (for example, SC-format studios start from around $126,000 without discounts on certain floors).
This calculation is for information only. Prices are indicative, sourced from the developer brochure and broker listings; current terms and unit availability are fixed in the contract.
Guaranteed rental return (GRR)
Units on floors 27–37 are part of the branded residences managed by Somerset by Ascott and participate in the Guaranteed Rental Return programme. Per the developer brochure, the programme provides 60% net over 10 years with the unit fully managed by Somerset, after which the unit returns to the owner. The specific terms — payout amounts, schedule, fees and exit procedure — are defined by the contract with the developer and confirmed on request.
The GRR figures are per the developer brochure. This is not a guarantee of income from NovAsia and not an offer — the programme terms are fixed by the developer's contract. The GRR is available only for units on floors 27–37 (Somerset).
Yield and risks
Koh Pich is an established central district with developed infrastructure and strong demand from expats, corporate tenants and embassy staff. The market benchmark for gross yield on comparable properties is around 5–7% per year (a market benchmark, not a guarantee; net yield is lower after management, maintenance and vacancy costs). In the project's favour are the long track record of developer OCIC and the anchor of hospitality operator Somerset on the upper floors. Factors to weigh: the project is under construction (Tower A completion in 2026, ~80% ready), and the first phase brings a large supply (591 units), which affects competition for tenants. The guaranteed rental return (GRR) is available only for units on floors 27–37 and applies per the developer's contract terms.
Address
Project: Connexion, Koh Pich Street, Sangkat Tonle Bassac, Khan Chamkarmon, Phnom Penh, Cambodia.
Get current prices and available layouts for Diamond Bay Garden. Send the bot your budget and unit type — I'll send a selection with a calculation and available floors, including the Somerset GRR units.
Get a calculation on Telegramor open the calculator →Frequently asked questions
How much does a unit in Diamond Bay Garden cost?
By broker indications, studios from ~$106,000; the price per m² in the project is roughly $1,760–2,100. This is indicative, not a developer offer; confirm exact developer prices for specific units and floors on request.
What is the GRR and how much does it give?
Units on floors 27–37 managed by Somerset by Ascott participate in the guaranteed rental return programme. Per the developer brochure — 60% net over 10 years, after which the unit returns to the owner. The terms are defined by the contract with the developer.
Who is the developer of Diamond Bay Garden?
The developer is OCIC (Overseas Cambodian Investment Corporation), the master developer of the Koh Pich district. The upper 10 floors are managed by Somerset by Ascott (The Ascott Limited).
Can a foreigner buy a unit here?
Yes, directly under freehold / strata-title (a unit above the ground floor, within the building's foreign quota). Transactions are in US dollars. Read more in the article on strata-title.